END OF YEAR TAX INFO FOR MUSICIANS

A very good friend of mine emailed this tax information that will prove useful to all professional musicians in our area. Ben Porter, who is my sales rep at Sweetwater Music, is always on the leading edge of our industry and this just helps prove his commitment as well as ours to our Artform....here is the article with links..all have been checked and are clean of virus'...
As the end of the year approaches, I wanted to remind you that your
end-of-year gear purchases may actually help you reduce your tax liability.
For example, this year only, if you're a profitable business and place the
gear you purchase from Sweetwater into service, you can deduct 100% of that
amount on your tax return.

Take a look at the links below; they offer lots of useful information.

The first article speaks directly to musicians and briefly explains travel,
meal, vehicle, and equipment expenses (for both gigging and studio
musicians), and whether or not you can deduct them on your taxes.
http://www.artstaxinfo.com/musicians.shtml

Here is a "nuts and bolts" explanation of Section 179 (first-year
depreciation allowance for equipment) and how to take advantage of it.
http://www.section179.org/

Congress is considering a compromise tax deal that would extend and expand
the depreciation bonus through 2012.
http://www.depreciationbonus.org/

Here is a list of common deductible business expenses. This can be helpful
if you are considered self-employed or if you own your own studio.
http://www.musicbizacademy.com/knab/articles/taxtips.htm

Of course, we're not legal experts or tax advisors, so you should
definitely discuss these issues with your own professional tax advisor.
Each individual's situation is different, and these links are for
informational purposes only. After you've studied them, give me a call.
I'll be happy to help you with any gear need you may have.

Sincerely,

Ben Porter
Sweetwater
(800) 222-4700 x 1275
Ben_Porter@Sweetwater.com

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